President Donald Trump said Thursday that Iran allowed 10 oil tankers to transit the Strait of Hormuz, describing the move as a “present” and a sign of progress in ongoing negotiations. The comment, made during a Cabinet meeting, offers the clearest indication yet of what the administration had been hinting at earlier this week—some limited easing at the world’s most critical oil chokepoint. The details are scant. The White House has not confirmed specifics on the vessels, their cargo, or whether additional transits are…

War in the Middle East has triggered severe global supply disruptions in oil and gas, with reported damage and shutdowns affecting liquefied natural gas (LNG) trains, refineries, fuel terminals and critical gas-to-liquids facilities across the region. According to Rystad Energy’s estimates, energy infrastructure repair and restoration costs to date could reach at least $25 billion, based on an initial assessment of impacted facilities, and are expected to rise further. Spending is likely to be driven primarily by engineering and construction,…

As the uncertainty surrounding indirect negotiations between Washington and Tehran intensifies, air strikes on Iran, Israel, and surrounding states also continued -- “business as usual,” as one Israeli military official called it on March 25. Meanwhile, the Pentagon, while not acknowledging media reports of shortages, said it had struck deals with several US defense contractors to bolster stocks of munitions, including parts for the Terminal High Altitude Area Defense (THAAD) interceptors being widely used in the Middle East war. It…

Russia is scrambling to reroute oil flows after a fresh wave of attacks knocked out key Baltic export infrastructure—just as maritime risks are already piling up elsewhere. According to Reuters, citing Interfax, pipeline operator Transneft is attempting to redirect crude volumes away from ports hit by Ukrainian drone strikes, including Primorsk and Ust-Luga—two of Russia’s most critical export hubs. Reuters calculations suggest as much as 40% of Russia’s oil export capacity is currently offline, factoring in port outages,…

Russia is scrambling to reroute oil flows after a fresh wave of attacks knocked out key Baltic export infrastructure—just as maritime risks are already piling up elsewhere. According to Reuters, citing Interfax, pipeline operator Transneft is attempting to redirect crude volumes away from ports hit by Ukrainian drone strikes, including Primorsk and Ust-Luga—two of Russia’s most critical export hubs. Reuters calculations suggest as much as 40% of Russia’s oil export capacity is currently offline, factoring in port outages,…

Russia is scrambling to reroute oil flows after a fresh wave of attacks knocked out key Baltic export infrastructure—just as maritime risks are already piling up elsewhere. According to Reuters, citing Interfax, pipeline operator Transneft is attempting to redirect crude volumes away from ports hit by Ukrainian drone strikes, including Primorsk and Ust-Luga—two of Russia’s most critical export hubs. Reuters calculations suggest as much as 40% of Russia’s oil export capacity is currently offline, factoring in port outages,…

Despite headlines saying that energy shortages could hit Europe by April, in reality, the continent has enough natural gas, renewables and coal to last it until summer, when energy demand picks up after a home heating reduction in spring due to warmer temperatures.The spring also coincides with an increase in daylight hours, meaning more solar power generation. The combination typically loosens the European power market, which is good news for Europe, as the war with Iran has significantly bumped up crude oil and natural gas prices.  The findings…

Iran’s oil exports have not collapsed and are fetching much higher prices than before the war, handing Tehran handsome extra revenues from its crude, which is the only one unimpeded from transiting the Strait of Hormuz. Unlike all other Gulf producers, Iran is passing its oil through the Strait of Hormuz and its export volumes remain resilient. Steady volumes and higher prices have been bringing millions of dollars of additional oil revenues for the Islamic Republic since the war began, as oil prices jumped and discounts for Iranian barrels…

Gasoline prices continue to surge. Drivers saw increases of roughly 50 cents per gallon almost overnight following the outbreak of hostilities with Iran. According to AAA, the national average price of gasoline has climbed by nearly $1.00 per gallon over the past month—one of the fastest increases in decades. It feels like a ripoff, and for many Americans, the same questions come up every time. If the United States is the world’s largest oil producer—in fact, if we are energy independent—then why are we still at the mercy…

A tanker carrying Russian oil was hit on Thursday by an unmanned marine vehicle in the Black Sea near Istanbul, Turkish authorities said. The Altura crude oil tanker, which is sanctioned by the EU and the UK, was hit by what Turkey believes is an unmanned vehicle, Turkish Transport and Infrastructure Minister Abdulkadir Uraloglu said. The tanker, flying the flag of Sierra Leone and operated by a Turkish firm, had loaded crude oil from the Russian Black Sea port of Novorossiysk, tanker-tracking data on MarineTraffic shows. The Altura was fully laden…

A tanker carrying Russian oil was hit on Thursday by an unmanned marine vehicle in the Black Sea near Istanbul, Turkish authorities said. The Altura crude oil tanker, which is sanctioned by the EU and the UK, was hit by what Turkey believes is an unmanned vehicle, Turkish Transport and Infrastructure Minister Abdulkadir Uraloglu said. The tanker, flying the flag of Sierra Leone and operated by a Turkish firm, had loaded crude oil from the Russian Black Sea port of Novorossiysk, tanker-tracking data on MarineTraffic shows. The Altura was fully laden…